Micro Finance Banks

Micro finance banks help finance small and medium scale enterprises in Nigeria.

Micro Finance Banks To Get Loans

Are you in need of a quick loan in Nigeria? Getting a fast loan for your business has become easy now.

The list of credible firms that gives out these loans are listed in this post. Just go through them and choose any of them if you are interested to get a loan to finance your business.

Micro Finance Banks To Get Loans

Are you in need of a quick loan in Nigeria? Getting a fast loan for your business has become easy now.

The list of credible firms that gives out these loans are listed in this post. Just go through them and choose any of them if you are interested to get a loan to finance your business.

Personal And Business Loans In Nigeria

AB Microfinance
https://www.ab-mfbnigeria.com

AB Microfinance Bank Nigeria is a foreign-owned financial institution, based in Lagos state, which offers a broad range of financial services to micro, small and medium-sized enterprises (MSMEs) and other clients in the lower income strata. The interest rate charged depends on the loan amount.
Interest Rate (5% – 6.5%)
Pros
High maximum loan
Choice of repayment scheme
No borrower groups
Cons
On-site assessment by lending staff
Geographic restrictions to Lagos
Collateral required
ELIGIBILITY CRITERIA
• Applicant must be 21 or above
• Applicant must be a Nigerian Resident
• Applicant must be the owner of the business
• Business must be in operating area

Accion
www.accionmfb.com

Accion MFB has branches mostly in Lagos, with a few in Port Harcourt, Ogun State, and Onitsha. Relying on support from Accion international they provide loans ranging from business loans and overdraft facilities to school fees and impaired disability loans.
There are no account opening charges, however, they charge a 3.5% fee for admin and insurances purposes. Loans range from 1-12 months depending on the loan type, and interest rates range from 4-6%.

Interest Rate (7.5% – 9.5%)
Eligibility Criteria:
· 6 recent passport photographs
· Recent utility bill from residence
· Identification: National ID Card / Valid Driver’s License / Valid International passport
· Shop receipt (evidence of business location)
· Guarantor aged 28-59
· All loans require a 20% compulsory deposit of the approved loan amount to be paid after signing the offer letter.

Guarantor Criteria:
· Ability to repay loan in case of default
· 1 recent passport photograph
· Recent utility bill from his residence
· Identification: National ID Card or Valid Driver’s License or Valid International passport

C24
Www.c24.com.ng

C24 is a financial institution that provides retail loans for consumers in need of quick financial solutions.
Their minimum loan amount is N40,000 and the upper limit for a new customer is N750,000, while for existing customers is up to N1,000,000.00.

Both depend on borrower’s capacity to repay assessed based on verifiable income level and other selection criteria.
Pros
High maximum loan
Fast loan approval process

Cons
Geographic restrictions to Lagos
Extensive paperwork

RenMoney
Www.renmoneyng.com

Renney offers customers unsecured cash loans of up to NGN2.5 million for up to 9 months to salary earners or self-employed as long as they can provide a verifiable source of income.
The penalty is a daily default charge of N300 including public holidays and weekends. We may also be forced to alert employers and next of kin when we are unable to reach you on your loan. Continuous defaulting will have an adverse effect on credit rating with the Credit bureau agencies which will prevent you from accessing loans from other financial institutions.
ELIGIBILITY CRITERIA

• Be between ages 22 – 59 years.
• Have a steady source of income that is verifiable.
• Must be confirmed staff in present employment.
• Have a functional current or savings bank account.
• identification – International Passport, Driver’s License, National ID Card.
• Applicant must live and or work in Lagos State.
• You must have a clean Credit Bureau Report.
• You must not have a history of returned cheques in your account.
• One recent passport photograph (within the last 6 months)
• Salary bank statement for the last 6 months (must be stamped by the bank).
• Utility Bill (PHCN, Water bill, LAWMA bill OR Rent Agreement)

Mkobo
https://mkobo.com.ng

Mkobo is a fully licensed Microfinance Bank by the Central Bank of Nigeria (CBN). They focus on small emergency loans with short tenors to help borrowers meet unplanned and unexpected expenses such as hospital bills, car or house repair, family bereavement or any other emergency situation.
Their minimum loan is N5,000 and maximum of N50,000. The amount approved will depend on your salary and your existing obligation.

Interest Rate (7.5% – 15.5%)
PROS
No collateral needed
Light paperwork
Loan payout within 48hrs

CONS
Guarantors required.
Current employment is required.

ELIGIBILITY CRITERIA
Duly completed application form
A guarantor
A valid means of ID (national ID, driver’s license, voter’s card or international passport)
Current utility bill
Paid employment and your Company has to be registered with Mkobo.

Lapo Microfinance
Www.lapo-nigeria.org

LAPO MICROFINANCE BANK is a national financial institution with headquarters in Benin City, Edo state and a branch in Lagos state. It aims at reducing poverty with a pro-poor movement which is done by empowering low- income individuals socially and economically through accessibility to sustainable financial services. LAPO offers unsecured loans of up to NGN 500,000 for small businesses and NGN5,000,000 for small and Medium-scale Enterprises.

PROS
No collateral needed
The repayment structure is flexible
Light paperwork
All borrowers are provided insurance throughout the tenor of the loans.

CONS
Guarantors required.
Coverage restricted to Lagos state and Edo state.
On-site assessment.

ELIGIBILITY CRITERIA
Loan application letter
Duly completed application form
2 guarantors
A valid means of ID (national ID, driver’s license, voter’s card or international passport)
Current utility bill
4 recent passport-size photographs

Page Financial Institution
Www.pagefinancials.com

offer loans of 200 000 to 5million to Salary earners based in Lagos or bankers based outside Lagos State.

Eligibility Criteria
*Age between 22yrs-55yrs
*Must reside and work in Lagos(except bankers)
*Salary Variation
*must be a confirmed full staff
*must have a verified and predictable source of income
*Must have a functioning phone no
*No returned cheques against unfunded account
*Must not be blacklisted by any credit bureau

Requirement
*6month bank statement
*Bank verification number
*One government issued ID card
*one passport

Citycore Micro Finance Bank
Www.citycore.com.ng

Business Loans for Traders in Port Harcourt Rivers State

If you need N100 000 to N500 000 loan for your business and you are a trader with a shop in port harcourt you can get fast loans from city core.

The also offer Quiloans ranging from N1000 to N10 000 for Lagos and Rivers State residents.

For a comprehensive list of all the micro finance banks im Nigeria, visit the link below;
https://www.nigeriagalleria.com/Ban…/Microfinance_Banks.html